39,529 Shares in Avista Corporation $AVA Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 39,529 Avista shares in the second quarter, valued at approximately $1.6 million. Institutional investors collectively own 85.24% of the utility company.
• Avista reported quarterly EPS of $0.43, exceeding the $0.23 consensus estimate, while revenue of $413 million fell short of expectations. Analysts expect full-year EPS of approximately $2.57.
• Avista declared a quarterly dividend of $0.4925, equivalent to an annualized $1.97 payout and a 5.2% yield; analysts maintain a consensus “Hold” rating with a $39.25 price target.

The Manufacturers Life Insurance Company acquired a new stake in shares of Avista Corporation (NYSE:AVA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 39,529 shares of the utilities provider's stock, valued at approximately $1,617,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Moors & Cabot Inc. raised its stake in shares of Avista by 2.5% during the 4th quarter. Moors & Cabot Inc. now owns 10,182 shares of the utilities provider's stock worth $392,000 after purchasing an additional 251 shares in the last quarter. Lido Advisors LLC lifted its holdings in shares of Avista by 3.3% during the 4th quarter. Lido Advisors LLC now owns 7,941 shares of the utilities provider's stock valued at $302,000 after buying an additional 251 shares during the last quarter. Allworth Financial LP grew its stake in shares of Avista by 14.4% in the 4th quarter. Allworth Financial LP now owns 2,020 shares of the utilities provider's stock valued at $78,000 after buying an additional 255 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Avista by 14.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,279 shares of the utilities provider's stock valued at $88,000 after buying an additional 283 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Avista by 1.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,621 shares of the utilities provider's stock worth $718,000 after buying an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 85.24% of the company's stock.

Insider Transactions at Avista

In related news, VP Joshua D. Diluciano sold 4,675 shares of Avista stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $37.24, for a total value of $174,097.00. Following the transaction, the vice president owned 8,334 shares in the company, valued at $310,358.16. This trade represents a 35.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.78% of the company's stock.

Avista Stock Performance

Shares of NYSE AVA opened at $37.60 on Friday. The business's 50-day simple moving average is $39.93 and its 200-day simple moving average is $40.54. Avista Corporation has a 52 week low of $35.50 and a 52 week high of $43.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.69 and a current ratio of 1.10. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 3.50 and a beta of 0.25.

Avista (NYSE:AVA - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.23 by $0.20. Avista had a return on equity of 7.85% and a net margin of 11.83%.The company had revenue of $413.00 million for the quarter, compared to the consensus estimate of $426.93 million. During the same quarter last year, the company posted $0.17 earnings per share. The company's revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities research analysts expect that Avista Corporation will post 2.57 earnings per share for the current fiscal year.

Avista Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Tuesday, August 18th will be paid a $0.4925 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.97 dividend on an annualized basis and a yield of 5.2%. Avista's dividend payout ratio (DPR) is presently 71.12%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings upgraded shares of Avista from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Barclays dropped their price target on shares of Avista from $40.00 to $37.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 4th. Finally, Zacks Research upgraded shares of Avista from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Avista has an average rating of "Hold" and an average price target of $39.25.

About Avista

Avista Corporation operates as an integrated energy company providing electric and natural gas delivery services to residential, commercial and industrial customers in the Pacific Northwest. Through its regulated utility operations, the company maintains and upgrades an extensive transmission and distribution network, delivering reliable energy to approximately 400,000 electric customers and 324,000 natural gas customers across Washington, Oregon and Idaho. In addition to its core utility business, Avista invests in owned generation assets, including hydroelectric, natural gas–fired, coal and wind facilities, to support system reliability and long-term supply planning.

Founded in 1889 as the Spokane and Inland Empire Water Power Company, the business adopted the Avista name in 1999 to reflect its growing energy portfolio and strategic focus on innovation.

Want to see what other hedge funds are holding AVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avista Corporation (NYSE:AVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source